Interim report
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MAX FINANCIAL SERVICES LIMITED CIN: L24223HR1988PLC145368 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 P: + 91 120 4696000 I E-mail: investorhelpline@maxfinancialservices.in I Website: www.maxfinancialservices.com Regd. Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015 October 27, 2026 BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 021 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051 Scrip Code: 500271 Symbol: MFSL Sub.: Outcome of Board meeting - Approval of unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026 Dear Sir / Madam, Please refer to our letter dated September 25, 2026, on the above subject. In this regard, we wish to inform you that the Board of Directors of the Company, in its meeting held earlier today, has inter -alia considered and approved the unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026. The said financial results and the Limited Review Report given by the Statutory Auditors for the aforesaid period are attached herewith. Further, in terms of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of the Company , which has been closed effective October 1, 2026 (as informed vide our earlier letter dated September 25, 2026), shall remain closed till 48 hours after declaration of unaudited financial results for the quarter and half year ended September 30, 2026 i.e. till October 29, 2026. The Board meeting commenced at 1730 hrs and concluded at 1800 hrs today. You are kindly requested to take note of the above on record and arrange to disseminate the information to the public. Yours faithfully, For Max Financial Services Limited Siddhi Suneja Company Secretary & Compliance Officer Encl: as above
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12th Floor, The Ruby29 Senapati Bapat MargDadar (West)Mumbai -400 028, IndiaTel: +91 22 6819 8000 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated FinancialResults of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amendedReview Report toThe Board of DirectorsMax Financial Services Limited1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Max FinancialServices Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiariestogether referred to as “the Group”), for the quarter ended September 30, 2026 and year to date from April 01,2026 to September 30, 2026 (the “Statement”) attached herewith, being submitted by the Holding Companypursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended (the “Listing Regulations”).2. The Holding Company’s Management is responsible for the preparation of the Statement in accordance with therecognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “InterimFinancial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevantrules issued thereunder and other accounting principles generally accepted in India and in compliance withRegulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s Boardof Directors. Our responsibility is to express a conclusion on the Statement based on our review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued bythe Institute of Chartered Accountants of India. This standard requires that we plan and perform the review toobtain moderate assurance as to whether the Statement is free of material misstatement. A review of interimfinancial information consists of making inquiries, primarily of persons responsible for financial and accountingmatters, and applying analytical and other review procedures. A review is substantially less in scope than anaudit conducted in accordance with Standards on Auditing and consequently does not enable us to obtainassurance that we would become aware of all significant matters that might be identified in an audit.Accordingly, we do not express an audit opinion.We also performed procedures in accordance with the Master Circular issued by the Securities and ExchangeBoard of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.4. The Statement includes the results of the following entities:Name of the Entity RelationshipAxis Max Life Insurance Limited (formerly known as “Max LifeInsurance Company Limited”) (“AMLI")SubsidiaryMax Financial Employees Welfare Trust (“MFEWT”) Controlled Trust5. Based on our review conducted and procedures performed as stated in paragraph 3 above and the certificate ofthe appointed actuary referred to in paragraph 7 below, nothing has come to our attention that causes us to believethat the accompanying Statement, prepared in accordance with recognition and measurement principles laiddown in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the CompaniesAct, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generallyaccepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations,including the manner in which it is to be disclosed, or that it contains any material misstatement.
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6. The accompanying Statement includes unaudited interim financial results and other unaudited financialinformation in respect of:One Controlled Trust, whose interim financial results and other financial information reflect total assets ofRs 172.29 crores as at September 30, 2026, and total revenues of Rs 2.94 crores and Rs 6.02 crores, totalnet loss after tax of Rs. 0.04 crores and Rs. 0.07 crores, total comprehensive loss of Rs. 0.04 crores and Rs.0.07 crores, for the quarter ended September 30, 2026 and the period ended on that date respectively andnet cash inflows of Rs. 0.18 crores for the period from April 01, 2026 to September 30, 2026.The unaudited interim financial results and other unaudited financial information of the Max Financial EmployeeWelfare Trust have not been reviewed by any auditor and have been approved and furnished to us by theManagement and our conclusion on the Statement, in so far as it relates to the affairs of this subsidiary, is basedsolely on such unaudited interim financial results and other unaudited financial information. According to theinformation and explanations given to us by the Management, these interim financial results are not material tothe Group.7. In respect of AMLI, subsidiary company, determination of the following as at and for the period endedSeptember 30, 2026, is the responsibility of the subsidiary company's Appointed Actuary.a. The actuarial valuation of liabilities for life policies in force and for policies in respect of whichpremium has been discontinued but liability exists as at September 30, 2026, is the responsibility of thesubsidiary company's Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of theseliabilities for life policies in force and for policies in respect of which premium has been discontinuedbut liability exists as at September 30, 2026, has been duly certified by the Appointed Actuary and inhis opinion, the assumptions for such valuation are in accordance with the guidelines and norms issuedby the Insurance Regulatory and Development Authority of India (the "IRDAI") and the Institute ofActuaries of India in concurrence with the IRDAI; andb. As confirmed by the Appointed Actuary, required adjustments were made to comply with IndianAccounting Standard 104 Insurance Contracts.The Statutory Auditors' of AMLI have relied upon the certificate of the Appointed Actuary in this regard forforming their opinion on the valuation of liabilities for life policies in force and for policies in respect of whichpremium has been discontinued but liability exists.Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respectto our reliance on the work done and the financial results certified by the Management.ForS.R. Batliboi & Co. LLPChartered AccountantsICAI Firm Registration Number:301003E/E300005per Pikashoo MuthaPartnerMembership No: 131658UDIN: 26131658GWLWZS4441Place: MumbaiDate: October 27, 2026Digitally signed byPikashoo MuthaDN: cn=PikashooMutha, c=IN, o=PersonalDate: 2026.10.2718:29:21 +05'30'PikashooMutha
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(Rs. in Crores except per share data) 3 months ended 30.09.2026(Unaudited) 3 months ended 30.06.2026(Unaudited) 3 months ended 30.09.2025(Unaudited) 6 months ended 30.09.2026(Unaudited) 6 months ended 30.09.2025(Unaudited) Year ended 31.03.2026(Audited) 1.Revenue from operations(a) Interest Income 181.22 176.51 151.87 357.73 303.51 637.50 (b) Dividend Income 3.36 1.47 2.96 4.83 4.27 6.12 (c) Rental Income 1.67 1.98 1.83 3.65 3.63 7.59 (d) Net gain on fair value changes (20.41) 47.44 1.27 27.03 36.84 (15.22) (e) Policyholders' Income from Life Insurance operations 11,435.25 14,742.11 9,633.66 26,177.36 22,264.99 47,038.12 2.Total Revenue from operations11,601.09 14,969.51 9,791.59 26,570.60 22,613.24 47,674.11 3. Other income 4.12 7.10 7.03 11.22 10.28 22.32 4.Total income (2+3)11,605.21 14,976.61 9,798.62 26,581.82 22,623.52 47,696.43 5.Expenses(a) Finance costs 30.29 35.53 21.12 65.82 40.80 111.86 (b) Impairment on financial instruments (including reversals) (0.01) (0.33) (1.78) (0.34) (1.82) (1.23) (c) Employee benefits expenses 11.02 10.16 8.96 21.18 21.31 45.03 (d) Depreciation, amortisation and impairment 0.51 0.50 0.62 1.01 1.30 2.31 (e) Legal and professional expenses 2.58 1.82 3.71 4.40 6.03 11.70 (f) Policyholders' Expenses of Life Insurance operations 11,446.39 14,788.09 9,753.53 26,234.48 22,439.25 47,387.65 (g) Other expenses 5.66 2.92 6.16 8.58 8.87 19.34 6.Total expenses11,496.44 14,838.69 9,792.32 26,335.13 22,515.74 47,576.66 7.Profit before tax (4-6)108.77 137.92 6.30 246.69 107.78 119.77 8.Tax expenseRelating to other than revenue account of Life Insurance policyholdersCurrent tax 13.17 12.86 13.24 26.03 23.52 43.93 Deferred tax charge/ (Credit) (4.70) 6.77 (12.85) 2.07 (8.63) (27.92) Adjustment of tax relating to earlier periods - - - - - (0.68) Total tax expense8.47 19.63 0.39 28.10 14.89 15.33 9.Profit after tax from continuing operations for the period/ year (7-8)100.30 118.29 5.91 218.59 92.89 104.44 Profit /(Loss) from discontinued operations before tax - - (0.04) - (0.57) 1.49 Tax Income/(Expense) on discontinued operations - - - - - (0.37) 10Profit/(Loss) after tax from discontinued operations for the period/ year- - (0.04) - (0.57) 1.12 11.Profit for the period / year (9+10)100.30 118.29 5.87 218.59 92.32 105.56 12.Other comprehensive income (OCI)Relating to revenue account of life insurance policyholders(i) Items that will not be reclassified to profit or loss in subsequent periods (5.39) (0.70) (5.56) (6.09) (7.40) (2.78) (ii) Items that will be reclassified to profit or loss in subsequent periods (4,578.89) 4,553.82 (2,687.32) (25.07) (3,933.68) (10,213.31) Less: Transferred to policyholders' fund in the balance sheet 4,584.28 (4,553.12) 2,692.88 31.16 3,941.08 10,216.09 Relating to Others(i) Items that will not be reclassified to profit or loss in subsequent periods (0.22) 0.02 0.05 (0.20) 0.03 0.11 Income tax relating to items that will not be reclassified to profit or loss - - - - - - (ii) Items that will be reclassified to profit or loss in subsequent periods (46.32) 41.04 (16.74) (5.28) (6.23) (82.17) Income tax relating to items that will be reclassified to profit or loss 6.74 (5.97) 2.44 0.77 0.91 11.96 13.Other comprehensive income/(loss)(39.80) 35.09 (14.25) (4.71) (5.29) (70.10) 14.Total comprehensive income / (loss)(11+13)60.50 153.38 (8.38) 213.88 87.03 35.46 15.Profit attributable toOwners of the company 79.92 95.56 4.12 175.48 73.76 83.97 Non-controlling interests 20.38 22.73 1.75 43.11 18.56 21.59 16.Other comprehensive income/(loss) attributable toOwners of the company (31.89) 28.31 (11.53) (3.58) (4.28) (56.75) Non-controlling interests (7.91) 6.78 (2.72) (1.13) (1.01) (13.35) 17.Total comprehensive income attributable toOwners of the company 48.03 123.87 (7.41) 171.90 69.48 27.22 Non-controlling interests 12.47 29.51 (0.97) 41.98 17.55 8.24 18. Paid up Equity Share Capital (Face value of Rs. 2 each) 68.68 68.68 68.63 68.68 68.63 68.66 19. Other Equity 5,213.13 20.(a) Basic EPS 2.33 2.78 0.12 5.11 2.16 2.42 (b) Diluted EPS 2.33 2.78 0.12 5.11 2.16 2.42 21.(a) Basic EPS - - - - (0.01) 0.03 (b) Diluted EPS - - - - (0.01) 0.03 See accompanying notes to the consolidated financial resultsBy Order of the BoardAnaljit SinghDate : October 27, 2026ChairmanPlace : Cape Town, South AfricaDIN : 00029641Earnings per share (EPS) (Rs.) (not annualised) - Discontinued operations Particulars Earnings per share (EPS) (Rs.) (not annualised) - Continued operations Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comSTATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026
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(Rs. in Crores) 3 months ended 30.09.2026(Unaudited) 3 months ended 30.06.2026(Unaudited) 3 months ended 30.09.2025(Unaudited) 6 months ended 30.09.2026(Unaudited) 6 months ended 30.09.2025(Unaudited) Year ended 31.03.2026(Audited) 1 Segment Revenuea) Life Insurance 11,599.96 14,968.42 9,790.72 26,568.38 22,611.39 47,671.49 b) Business Investments 6.13 6.12 6.28 12.25 12.18 38.71 Total 11,606.09 14,974.54 9,797.00 26,580.63 22,623.57 47,710.20 Less: Inter segment elimination (net) 5.00 5.03 5.41 10.03 10.33 36.09 Revenue from operations (net) 11,601.09 14,969.51 9,791.59 26,570.60 22,613.24 47,674.11 2 Segments Resultsa) Life Insurance 136.61 168.24 23.73 304.85 143.68 221.56 b) Business Investments (1.68) (1.89) (3.35) (3.57) (5.39) (12.23)Total 134.93 166.35 20.38 301.28 138.29 209.33 Less: Inter segment elimination (net) - - - - - - Sub-total 134.93 166.35 20.38 301.28 138.29 209.33 Unallocated (26.16) (28.43) (14.08) (54.59) (30.51) (89.56)Profit before tax (excluding discontinuing operations) 108.77 137.92 6.30 246.69 107.78 119.77 Less: Provision for taxation (includes provision for Deferred Tax) 8.47 19.63 0.39 28.10 14.89 15.33 Profit for the period/year (excluding discontinuing operations) 100.30 118.29 5.91 218.59 92.89 104.44 As at30.09.2026(Unaudited) As at31.03.2026(Audited) As at30.09.2025(Unaudited) 3 Segment Assetsa) Life Insurance 2,12,294.65 1,98,519.88 1,96,483.43 b) Business Investments 6,934.72 6,941.19 6,947.13 c) Discontinued Operations - - 50.33 Total Segment Assets 2,19,229.37 2,05,461.07 2,03,480.89 Inter-segment elimination (net) (6,511.26) (6,525.51) (6,609.19) Total Assets 2,12,718.11 1,98,935.56 1,96,871.70 4 Segment Liabilitiesa) Life Insurance 2,05,677.45 1,92,508.98 1,90,416.40 b) Business Investments 187.88 193.17 211.14 c) Discontinued Operations - - 0.09 Total Segment Liabilities 2,05,865.33 1,92,702.15 1,90,627.63 Inter-segment elimination (net) (183.00) (186.58) (207.19) Total Liabilities 2,05,682.33 1,92,515.57 1,90,420.44 ParticularsThe Operating Segments have been identified on the basis of business activities from which the Group earns revenues and incurs expenses and whose operating results are reviewed by the Chief Operating DecisionMaker(CODM) of the Group to make decisions about the resources to be allocated and assess performance and for which discrete financial information is available. Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comCONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABLITIES FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026Particulars
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(Rs. in Crores)As at 30.09.2026 (Unaudited)As at 31.03.2026(Audited)A ASSETS 1. Financial assets(a) Cash and cash equivalents 515.22 2,137.15 (b) Investments 10,893.25 9,715.61 (c) Other financial assets 330.34 333.42 (d) Life Insurance Policyholders' Fund 1,98,456.21 1,84,222.04 Total financial assets 2,10,195.02 1,96,408.22 2. Non-financial Assets(a) Current tax assets (net) 7.80 9.95 (b) Deferred tax assets (net) 27.41 28.71 (c) Investment Property 80.01 80.77 (d) Property, plant and equipment 0.92 0.96 (e) Goodwill 525.25 525.25 (f) Right to use assets 0.08 0.24 (g) Other non-financial assets 268.70 276.52 (h) Life Insurance Policyholders' Fund 1,612.92 1,604.94 Total non-financial assets 2,523.09 2,527.34 Total assets 2,12,718.11 1,98,935.56 B LIABILITIES AND EQUITYI LIABILITIES 1. Financial liabilities(a) Payables(I)Trade Payables(i) Total outstanding dues of micro enterprises and small enterprises 3.03 5.35 (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,180.99 2,661.79 (b) Debt Securities 2,013.41 1,858.40 (c) Lease liability 0.08 0.25 (d) Other financial liabilities 1,177.80 1,085.51 (e) Life Insurance Policyholders' Fund 1,99,454.71 1,85,663.83 Total financial liabilities 2,04,830.02 1,91,275.13 2. Non-financial liabilities(a) Provisions 124.36 166.34 (b) Current tax liabilities (net) 9.51 7.07 (c) Other non-financial liabilities 710.90 1,058.90 (d) Life Insurance Policyholders' Fund 7.54 8.13 Total non-financial liabilities 852.31 1,240.44 Total liabilities 2,05,682.33 1,92,515.57 II EQUITY(a) Equity share capital 68.68 68.66 (b) Other equity 5,649.48 5,213.13 Equity attributable to owners of the Company 5,718.16 5,281.79 Non Controlling Interest 1,317.62 1,138.20 Total equity 7,035.78 6,419.99 Total liabilities and equity 2,12,718.11 1,98,935.56 Max Financial Services LimitedCIN: L24223PB1988PLC008031ParticularsRegistered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comCONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026
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Following are the Policyholders' Income and Expenses from Life Insurance Operations included in above results :(Rs. in Crores) 3 months ended 30.09.2026(Unaudited) 3 months ended 30.06.2026(Unaudited) 3 months ended 30.09.2025(Unaudited) 6 months ended 30.09.2026(Unaudited) 6 months ended 30.09.2025(Unaudited) Year ended 31.03.2026(Audited) A Policyholders' Income from life insurance fundPremium Income (Net) 10,186.81 7,275.42 8,886.57 17,462.23 15,042.95 38,007.32 Interest Income 2,419.93 2,375.44 2,184.75 4,795.37 4,353.23 8,873.03 Dividend Income 241.45 175.67 211.68 417.12 354.69 497.78 Rental Income 17.69 18.08 11.51 35.77 24.07 50.14 Net gain / (loss) on fair value changes - Policyholders' Investments (1,966.40) 6,300.31 (2,559.65) 4,333.91 2,441.89 (2,778.65) Other income 3.65 6.58 3.55 10.23 5.11 9.77 10,903.13 16,151.50 8,738.41 27,054.63 22,221.94 44,659.39 Less / (Add): Restricted life insurance balance retained in Policyholders' Fund (532.12) 1,409.39 (895.25) 877.27 (43.05) (2,378.73) 11,435.25 14,742.11 9,633.66 26,177.36 22,264.99 47,038.12 B Policyholders' Expense of Life Insurance fundCommission to selling agents 1,118.29 833.61 1,004.99 1,951.90 1,659.25 4,084.96 Employee Benefits and Other Operating Expenses 1,178.64 1,163.34 1,243.15 2,341.98 2,395.24 5,491.94 Benefits payout (net) 4,844.83 4,055.67 4,758.00 8,900.50 8,914.75 19,673.78 Net change in insurance contract liabilities 4,326.36 8,650.15 2,670.88 12,976.51 9,177.02 17,756.57 Net change in investment contract liabilities (141.16) 28.84 (11.03) (112.32) 123.65 294.77 Finance costs 24.33 4.45 14.62 28.78 26.79 58.42 Impairment on financial instruments (including reversals) - (0.17) (0.85) (0.17) (0.90) (0.84) Depreciation, amortisation and impairment 103.21 54.76 76.24 157.97 145.87 332.34 11,454.50 14,790.65 9,756.00 26,245.15 22,441.67 47,691.94 Add / (Less): Restricted life insurance balance retained in Policyholders' Fund (8.11) (2.56) (2.47) (10.67) (2.42) (304.29) 11,446.39 14,788.09 9,753.53 26,234.48 22,439.25 47,387.65 Following are the Policyholder's Assets and Liabilities from Life Insurance Operations included in the above results : (Rs. in Crores) As atAs at 30.09.2026(Unaudited) 31.03.2026(Audited) AFinancial Assets- Life Insurance Policyholders' FundCash and cash equivalents 132.64 265.60 Derivative financial instruments 46.47 101.32 Trade receivables 715.80 1,238.73 Loans 1,402.67 1,289.99 Investments 1,91,572.51 1,76,298.41 Other financial assets 4,586.12 5,027.99 Sub Total - Financial Assets 1,98,456.21 1,84,222.04 BNon-Financial Assets- Life Insurance Policyholders' FundInvestment Property 645.74 652.30 Property, plant and equipment 152.56 159.02 Capital Work in progress 0.83 0.83 Intangible Assets 306.32 350.71 Intangible Assets under development 56.34 18.13 Right of use asset 450.99 423.80 Other non-financial assets 0.14 0.15 Sub Total - Non-Financial Assets 1,612.92 1,604.94 TOTAL ASSETS 2,00,069.13 1,85,826.98 AFinancial Liabilities- Life Insurance Policyholders' FundContract liabilities of life insuranceInsurance Contracts 1,91,334.61 1,78,465.86 Investment Contracts 680.33 759.20 1,92,014.94 1,79,225.06 Ind AS 104 Adjustments (impacting contract liabilities of life insurance)Measurement adjustments(698.04) (698.28) Grossing up Reinsurance assets3,657.04 3,569.85 2,959.00 2,871.57 Fund for future appropriations4,638.31 4,530.93 Restricted life insurance balance retained in Policyholders' Fund Measurement difference of Ind AS 104 Adjustments697.99 698.23 Fair Value Through Profit or Loss (FVTPL)1,704.29 827.92 Fair Value Through Other Comprehensive Income (FVOCI)(5,291.01) (5,266.11) Measurement difference - Other Ind AS Adjustments(183.34) (167.55) Realised Hedge Fluctuation Reserves145.34 187.30 Derivative financial instruments 1,231.40 1,345.84 Trade payables 23.19 19.79 Lease liability 515.92 481.39 Other payables 998.68 909.46 Sub Total - Financial Liabilities 1,99,454.71 1,85,663.83 BNon-Financial Liabilities- Life Insurance Policyholders' FundOther Non-financial Liabilities 7.54 8.13 Sub Total - Non Financial Liabilities 7.54 8.13 TOTAL LIABILITIES1,99,462.25 1,85,671.96 ParticularsMax Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comParticularsSub-TotalTotalSub-TotalTotal
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(Rs. in Crores) 6 months ended 30.09.2026(Unaudited) 6 months ended 30.09.2025(Unaudited) A CASH FLOW FROM OPERATING ACTIVITIESProfit before tax 246.69 107.78 Adjustments for:Depreciation, amortisation and impairment 158.98 147.17 Interest Expense 85.52 56.90 Interest and Dividend income from investments (5,575.05) (5,015.70) Rent Income (39.42) (27.70) Net loss / (profit) on sale / disposal of property, plant and equipments (0.36) 0.24 Net (gain)/loss on fair value changes (4,360.87) (2,478.79) Provision for diminution in value of long term investment (0.51) (2.72) Provision for doubtful debts and bad-debts written off 1.71 2.12 Expense on employee stock option scheme 11.62 9.71 Change in policyholder reserves (including funds for future appropriation) 12,864.20 9,300.71 Operating Profit before working capital changes 3,392.51 2,099.72 Changes in working capital:Adjustments for (increase)/ decrease in operating assets:Trade receivables 523.26 461.13 Other financial assets (57.34) (28.82) Other non financial assets (8.81) 92.35 Adjustments for increase / (decrease) in operating liabilities:Trade payables (447.14) (210.02) Other financial liabilities 93.45 61.41 Provisions (42.18) 21.78 Insurance contract liabilities 14.59 (142.07) Other non financial liabilities (348.50) (631.63) Cash generated from operations 3,119.84 1,723.85 Net income tax (paid) / refunds (21.45) (30.72) Net cash flow from/(used in) from discontinued operating activities - (3.13) Net cash flow from operating activities (A) 3,098.39 1,690.00 BCASH FLOW FROM INVESTING ACTIVITIESCapital expenditure on property, plant and equipment including capital advances (124.79) (128.53) Proceeds from sale of property, plant and equipment 0.67 0.74 Bank balances not considered as Cash and cash equivalents with maturity more than 3 months- FD Placed (1.83) (23.85) - FD Matured - 35.55 Investments in money market instruments and in liquid mutual funds (Net) 1,004.61 1,410.59 Investments- Purchased (62,213.73) (68,084.78) - Proceeds from sale 51,986.66 58,808.56 Loan against policies (112.68) (85.70) Interest, Rent and Dividend Received 5,614.10 5,041.75 Net cash flow from/(used in) from discontinued investing activities - 3.09 Net cash used in investing activities (B) (3,846.99) (3,022.58) CCASH FLOW FROM FINANCING ACTIVITIESLease payments (62.31) (54.42) Proceeds from issue of shares by subsidiary company 380.58 - Payment for purchase of treasury shares - (53.91) Proceeds from sale of treasury shares 10.61 6.04 Proceed from NCDs issued by subsidiary company 685.02 799.09 Repayment of NCDs by subsidiary company (496.00) - Interest/dividends paid (100.80) (37.20) Net cash flow from/(used in) financing activities (C) 417.10 659.60 DNet increase / (decrease) in cash and cash equivalents (A+B+C) (331.50) (672.98) ECash and cash equivalents as at the beginning of the year5,096.57 4,181.80 Cash and cash equivalents as at the end of the period *4,765.07 3,508.82 * Components of cash and cash equivalentsCash on hand0.33 0.45 Balances with scheduled banks- On current accounts 516.67 508.54 - Deposits with original maturity of upto 3 months80.66 20.00 - Cheques/drafts in Hand50.20 40.33 Money Market Instruments & other short term liquid investments4,117.21 2,939.32 Total cash and cash equivalents from Continued Operations4,765.07 3,508.64 Cash and Cash Equivalents from Discontinued Operations- 0.18 Total cash and cash equivalents 4,765.07 3,508.82 Reconciliation of Cash and Cash Equivalents with Cash and Bank BalancesCash and cash equivalents 4,765.07 3,508.64 Less: Money Market Instruments & other short term liquid investments4,117.21 2,939.32 Total Cash and Bank Balances647.86 569.32 ParticularsRegistered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comCONSOLIDATED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2026Max Financial Services LimitedCIN: L24223PB1988PLC008031
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Notes to the consolidated financial results12Country of incorporationPortion of ownership as at September 30, 2026Portion of ownership as at March 31, 2026India 80.01% 80.98%India 100.00% 100.00%India - -34567 Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comName of Subsidiaries/entitiesAxis Max Life Insurance Limited (formerly Max Life Insurance Company Limited) These consolidated unaudited financial results for the quarter and six months ended September 30, 2026 have been reviewed by the Audit Committee and approved by the BoardofDirectors of the Company at its meeting held today. These results have been reviewed by the statutory auditors of the Company.The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 "Interim Financial Reporting"prescribedunder section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. The consolidatedfinancialresults comprise the financial results of Max Financial Services Limited ('the Parent' or 'the Company') and its subsidiary company's (collectively referred as theDetailsofsubsidiary company's are as under:Max Life Pension Fund Management Limited (refer note 5 below)Max Financial Employees Welfare TrustOn January 9, 2023, the Company executed revised agreements with the parties wherein Axis Entities have the right to purchase the remaining 7% equity share capital of AMLIfromthe Company at Fair Market Value using Discounted Cash Flows instead of valuation as per Rule 11UA of the Income Tax Rules, 1962 consequent to the guidance received byAMLIfrom IRDAI.The Board of Directors of the Company in its meeting held on April 27, 2020 approved entering into definitive agreements with Axis Bank for the sale of equity share capital ofAxisMax Life Insurance Limiteda subsidiary of the Company, to Axis Bank Limitedsubject to receipt ofapproval and other requisiteregulatoryapprovals. The shareholders of the Company approved the transaction on June 16, 2020.On October 30, 2020, the Company, AMLI, Axis Bank and its subsidiaries (together "Axisi.e. Axis Capital Limited and Axis Securities LimitedBankentered into agreements for acquisition of upto 19.002% of the equity share capital of AMLIPursuant to receipt of all approvals, Axis Bank and AxisBanksubsidiaries had acquired in tranches upto March 31, 2022, 9.002% and 3% of the equity share capital of AMLI, respectively, based on price determined as per Rule 11UAvaluationof the Income-tax Rules, 1962. During the quarter ended September 30, 2025, Axis Max Life Insurance Limiteda subsidiary of the Company has raised Rs. 800 crores by issuing unsecured,subordinated,listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs) having coupon rate of 7.95% in the nature ofas per theIRDAI(Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024. The said NCDs were allotted on September 24, 2025 and are redeemableatthe end of 10 years from the date of allotment with a call option to the Company to redeem the NCDs post the completion of 5 years from the date of allotment andannuallythereafter.During the year ended March 31, 2025, the Company, certain former & present directors and key managerial personnel and its Subsidiary (AMLI), have received a ShowCauseNoticefrom Securities Exchange Board of India (SEBI) alleging non-compliances of certain provisions of SEBI Act, Securities Contract Regulation Act, the erstwhileListingAgreement, the Listing Regulations and other applicable SEBI regulations during the financial year ended March 31, 2011 and March 31, 2022 with respect to transactionspertainingto the shares of AMLI. The Company (represented by its lawyers) has responded to the SCN before SEBI.Subsequently, SEBI has issued its final order dated August 24, 2026, in relation to the aforesaid investigation. Pursuant to the said order, the proceedings initiated againsttheCompany has been disposed off without issuing any directions or imposing any penalty.Based on the aforesaid Final Order and management's assessment, no adjustment is required in the consolidated financial results for the quarter and six months endedSeptember30, 2026.The Board of Directors of the Company in its meeting held on August 9, 2023, took note ofproposal to raise further capital by way of a preferential issue of equity sharestoAxis Bank, for an aggregate investment of up to Rs. 1,612 crores in AMLI, at fair market value determined basis DCF methodologyThis revision fromsecondarysale of transfer of shares to primary issuance of equity share capital of AMLI to Axis Bank has been done consequent to the funding requirements of AMLI.In this regard, the shareholders of the Company approved the transaction on September 27, 2023, AMLI received approval from IRDAI vide its letter dated February 6, 2024 fortheCapital infusion and Axis Bank received approval from Competition Commission of India (CCI) vide its letter dated April 2, 2024 for the Capital infusion. Pursuant to receipt ofallregulatory approvals, Axis Bank had subscribed to 6.02% of the equity share capital of AMLI on April 17, 2024. On completion of the Capital Infusion, Axis Entities collectivelyholdOn April 2, 2026, the Board of Directors of AMLI approved and recommended the issuance of 2,50,56,200 equity shares to Axis Bank on a preferential basis at an issue price ofRs.151.90 per share, being the fair market value determined under the discounted cash flow (DCF) method, for an aggregate investment of up to Rs. 389 crore. The proposedissuancewas intended to strengthen AMLI's equity capital base and support its funding requirements. Subsequently, the shareholders of AMLI approved the transaction through a postalballoton May 10, 2026. Pursuant to these approvals, AMLI allotted 2,50,56,200 fully paid-up equity shares of face value Rs. 10 each to Axis Bank on June 1, 2026, at an issue price ofRs.151.90 per share, including a share premium of Rs. 141.90 per share. The allotment resulted in an aggregate investment of Rs. 380.60 crore by Axis Bank and increaseditsshareholding in AMLI by 0.98% of AMLI's paid-up equity share capital. On completion of the proposed issuance, Axis Entities collectively hold 19.99% of the equity share capitalofDuring FY 2024-25, Max Life Pension Fund Management Limited (MLIPFM) has voluntarily applied for surrender of its registration as a Pension Fund and as a Point of Presence(POP).Same has been approved by PFRDA on March 17, 2025 and March 21, 2025 respectively. MLIPFM business as a Pension Fund Manager and as a POP has been discontinued andthestep down subsidiary company has passed a resolution for voluntary liquidation at its Extraordinary General Meeting (EGM) held on July 29, 2025, and is currently undergoingtheliquidation process as per Section 59 of the Insolvency and Bankruptcy Code, 2016 ("Code") read with the Voluntary Liquidation Regulations 2017. As at March 31, 2026,theLiquidator has cleared all pending claims, redeemed the surplus funds to the Company in accordance in the manner prescribed under the Code, and the dissolution applicationhasbeen filed with the Hon'ble Adjudicating Authority, the order of which is expected to be received in the Q3 FY 2026-27.The Board of Directors of the Company had accorded its in-principle approval for amalgamation of the Company with AMLIon January 28, 2026,subjectto inter alia (a) approval of the Axis Entities in terms of the articles of association of AMLI andagreement, (b) coming into effect of the Sabka Bima SabkiRaksha(Amendment of Insurance Laws) Act, 2025 (which has since come into effect), (c) approvals, as may be required from the appropriate authorities under applicable laws, includingaprior approval of the IRDAI, and (d) execution of the transaction documents as may be agreed amongst the relevant parties. Subsequently, the Company had made a disclosuretothe stock exchanges regarding the same on January 28, 2026. Further, the Axis Entities have provided their in-principle no objection to the Proposed Amalgamationsubject to inter alia continuation of the terms and conditions in the Transaction Documents, the Company providing an undertaking to the Axis Entities confirming the terms,andAMLI seeking written consent of the Axis Entities for the Proposed Amalgamation, upon fulfilment of the terms and conditions set out in the Undertaking for theProposedAmalgamation including finalization of the scheme of amalgamation.Subsequently, the Company made a disclosure to the Stock exchange in respect of Proposed Amalgamation that, subject to requisite approvals from the regulatoryauthoritiesincluding the Insurance Regulatory and Development Authority of Indiaresulting in: (i) the listing of AMLI; and (ii) the shareholders of the Company directlyholdingshares in AMLI. The Proposed Amalgamation is subject to compliance with the relevant laws permitting the Proposed Amalgamation and execution of the transaction documentsasmay be agreed between the relevant parties.
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891011By Order of the BoardAnaljit SinghDate : October 27, 2026ChairmanPlace : Cape Town, South AfricaDIN : 00029641 Further as per Future Arrangements, Axis Entities will have the right to subscribe to equity shares of the Company in lieu of all or part of the equity shares held by Axis Bank inAMLIand the Company will undertake all actions to effect the Swap Transaction. Any income tax payable pursuant to the Swap Transaction shall be splitequallybetween the Company and Axis Bank. If the Proposed Amalgamation is not completed within agreed timelines, and Axis Bank has exercised its right for the Swap Transaction,butthe Company fails to consummate the Swap Transaction, then Axis Bank shall have the right to issue IPO notice to the Company requiring the Company to achieve a listing ofAMLIby way of an IPO. If the listing not achieved or the Company fails to consummate the Swap Transaction, then Axis Entities have the right to require the Company to purchase alltheshares held by Axis Entities in AMLI at Fair market value (determined using the discounted cash flow method), subject to the terms of the definitive agreements. The Exit saleoptionright shall be subject to receipt of requisite regulatory approvals. In the event the Company is unable to purchase the shares of Axis Entities, the Axis Entities shall be entitledtoevaluate and pursue other Future Arrangements such as Forced Sale/ Third Party Sale/ Forced IPO.Figures for the previous periods/ year have been regrouped / reclassified wherever necessary, to make them comparable.Insurance Regulatory and Development Authority of Indiahas issued IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations,2026('Amended Regulations'), mandating that all insurance companies prepare their financial statements in accordance with the applicable Indian Accounting Standards (Ind AS)witheffect from April 01, 2026. The amended regulations provide an option to the insurance companies to obtain forbearance for a period of one year with prior approval ofIRDAI.Pursuant to the above, material subsidiary of the Company has obtained approval from IRDAI for such forbearance, permitting it to defer the adoption of Ind AS by oneyear.Accordingly, during the period of forbearance granted by IRDAI, the Company shall continue to follow the applicable regulatory framework and publish its financial resultsinaccordance with the requirements prescribed by IRDAI and SEBI, including the preparation of financial statements under Ind AS 104 for consolidation purposes, as applicable.During the quarter ended June 30, 2026, Axis Max Life Insurance Limiteda subsidiary of the Company exercised the call option and fully redeemed and called backthe4,960 unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures of face value of Rs. 1,000,000 each aggregating to Rs. 496croreconstituting the subordinated debt of the material subsidiary of the Company. The said subordinated debt was issued on August 02, 2021 and was redeemed in full on August02,2026 at par along with the interest accrued (Payment made on July 31, 2026, as the due date i.e. August 2, 2026 was a non-business day).During the quarter ended September 30, 2026, Axis Max Life Insurance Limiteda subsidiary of the Company has raised Rs. 686 crore by issuing unsecured,subordinated,listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs) having coupon rate of 8.58% in the nature ofas per theIRDAI(Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024. The said NCDs were allotted on September 28, 2026 and are redeemableatthe end of 10 years from the date of allotment with a call option to the material subsidiary of the Company to redeem the NCDs post the completion of 5 years from the dateofallotment and annually thereafter.Further, all other value creation options provided to the Axis Entities (as were notified by the Company vide its previous disclosures made on 15th May, 2020 enclosing therewiththePostal Ballot Notice), with suitable modifications to take into account changes in applicable laws and arrangements, shall continue. In furtherance of the same, the Companyhasexecuted an Undertaking in favour of the Axis Entities pursuant terms signed in earlier agreements. The Parties have currently opted for the Proposed Amalgamation as thefirstoption amongst the Future Arrangements as detailed out in stock exchange disclosure made by the Company on March 6, 2026, and in the event the Proposed Amalgamation isnotconsummated as per the agreed timelines for any reason whatsoever, the Axis Entities shall be entitled to evaluate and pursue such other Future Arrangements.The above transaction is subject to receipt of requisite shareholders approvals, regulatory approvals and hence, no adjustments were required to be made in theconsolidatedfinancial results.
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12th Floor, The Ruby29 Senapati Bapat MargDadar (West)Mumbai -400 028, IndiaTel: +91 22 6819 8000 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone FinancialResults of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amendedReview Report toThe Board of DirectorsMax Financial Services Limited1. We have reviewed the accompanying statement of unaudited standalone financial results of Max FinancialServices Limited (the “Company”) for the quarter ended September 30, 2026 and year to date from April01, 2026 to September 30, 2026 (the “Statement”) attached herewith, being submitted by the Companypursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended (the “Listing Regulations”).2. The Company’s Management is responsible for the preparation of the Statement in accordance with therecognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “InterimFinancial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read withrelevant rules issued thereunder and other accounting principles generally accepted in India and incompliance with Regulation 33 of the Listing Regulations. The Statement has been approved by theCompany’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on ourreview.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issuedby the Institute of Chartered Accountants of India. This standard requires that we plan and perform thereview to obtain moderate assurance as to whether the Statement is free of material misstatement. A reviewof interim financial information consists of making inquiries, primarily of persons responsible for financialand accounting matters, and applying analytical and other review procedures. A review is substantially lessin scope than an audit conducted in accordance with Standards on Auditing and consequently does notenable us to obtain assurance that we would become aware of all significant matters that might be identifiedin an audit. Accordingly, we do not express an audit opinion.4. Based on our review conducted as above, nothing has come to our attention that causes us to believe thatthe accompanying Statement, prepared in accordance with the recognition and measurement principles laiddown in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the CompaniesAct, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generallyaccepted in India, has not disclosed the information required to be disclosed in terms of the ListingRegulations, including the manner in which it is to be disclosed, or that it contains any materialmisstatement.For S.R. Batliboi & Co. LLPChartered AccountantsICAI Firm Registration Number:301003E/E300005___________________________________per Pikashoo MuthaPartnerMembership No.: 131658UDIN: 26131658NXOGOX2283Place: MumbaiDate: October 27, 2026Digitally signed byPikashoo MuthaDN: cn=Pikashoo Mutha,c=IN, o=PersonalDate: 2026.10.27 18:29:01+05'30'PikashooMutha
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3 months ended 30.09.2026 3 months ended 30.06.2026 3 months ended 30.09.2025 6 months ended 30.09.2026 6 months ended 30.09.2025 Year ended 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Revenue from operations(a) Interest income 1.04 1.01 0.64 2.05 1.32 2.95 (b) Dividend income - - - - - 14.02 (c) Gain on fair value changes 0.09 0.09 0.23 0.18 0.54 0.82 (d) Sale of services 2.05 1.95 2.00 4.00 4.00 8.00 2. Total revenue from operations 3.18 3.05 2.87 6.23 5.86 25.79 3. Other income - 2.59 - 2.59 0.05 4.89 4. Total income (2+3) 3.18 5.64 2.87 8.82 5.91 30.68 5. Expenses(a) Finance costs 0.01 - 0.01 0.01 0.02 0.03 (b) Employee benefits expenses 1.50 1.81 1.36 3.31 2.88 6.11 (c) Depreciation, amortisation and impairment 0.12 0.11 0.23 0.23 0.52 0.75 (d) Legal and professional expenses 1.85 1.73 2.67 3.58 4.80 9.41 (e) Other expenses 1.35 1.26 2.00 2.61 3.61 6.62 6. Total expenses 4.83 4.91 6.27 9.74 11.83 22.92 7.(1.65) 0.73 (3.40) (0.92) (5.92) 7.76 8. Tax expense(a) Current tax expense / (credit) - - - - - 1.86 9. Total tax expense / (credit) - - - - - 1.86 10. Profit / (Loss) for the period / year (7-9) (1.65) 0.73 (3.40) (0.92) (5.92) 5.90 11. Other comprehensive income / (loss):Items that will not be reclassified to profit or loss:-Remeasurement of the defined benefit obligations (0.22) 0.02 0.05 (0.20) 0.03 0.11 - Income tax relating to items that will not be reclassified to profit or loss - - - - - - 12. Total other comprehensive income / (loss) (0.22) 0.02 0.05 (0.20) 0.03 0.11 13. (1.87) 0.75 (3.35) (1.12) (5.89) 6.01 14. Paid-up equity share capital (Face value of Rs. 2) 69.02 69.02 69.02 69.02 69.02 69.02 15. Other equity 6,679.79 16.(a) Basic EPS (0.05) 0.02 (0.10) (0.03) (0.17) 0.17 (b) Diluted EPS (0.05) 0.02 (0.10) (0.03) (0.17) 0.17 By Order of the BoardAnaljit SinghDate : October 27, 2026ChairmanPlace : Cape Town, South AfricaDIN : 00029641 STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.com Earnings per share (EPS) (Rs.) (not annualised) See accompanying notes to the standalone financial results (Rs. in Crores except per share data)ParticularsProfit / (Loss) before tax (4-6)Total comprehensive income / (loss) (10+12)
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STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026(Rs. in Crores)ParticularsAs at As at30.09.2026 31.03.2026(Unaudited) (Audited)ASSETSFinancial assets(a) Cash and cash equivalents 0.25 0.30 (b) Receivables - trade receivables 4.32 8.66 (c) Investments 6,693.99 6,695.08 (d) Other financial assets 49.58 26.89 Total financial assets 6,748.14 6,730.93 Non financial assets(a) Current tax assets (net) 1.67 1.07 (b) Property, plant and equipment 0.92 0.96 (c) Right-of-use assets 0.08 0.24 (d) Other non-financial assets 11.62 30.88 Total non-financial assets 14.29 33.15 Total assets 6,762.43 6,764.08 LIABILITIES AND EQUITYLIABILITIESFinancial liabilities(a) PayablesTrade payables(i) 0.31 0.20 (ii) 1.80 2.39 (b) Lease liabilities 0.09 0.25 (c) Other financial liabilities 0.02 0.02 Total financial liabilities 2.22 2.86 Non financial liabilities(a) Provisions 12.12 11.72 (b) Other non-financial liabilities 0.40 0.69 Total non-financial liabilities 12.52 12.41 Total liabilities 14.74 15.27 EQUITY (a) Equity share capital 69.02 69.02 (b) Other equity 6,678.67 6,679.79 Total equity 6,747.69 6,748.81 Total liabilities and equity 6,762.43 6,764.08 Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.com total outstanding dues of micro enterprises and small enterprisestotal outstanding dues of creditors other than micro enterprises and small enterprises2.II A.1.2.B.I1.
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STANDALONE STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2026(Rs. in crores) (Unaudited) (Unaudited) A. Cash flow from operating activitiesProfit / (loss) before tax (0.92) (5.92) Adjustments for: Depreciation, amortisation and impairment 0.23 0.52 Finance costs 0.01 0.02 Interest income (2.05) (1.32) Net (profit) / loss on sale / disposal of property, plant and equipment - 0.21 Net loss / (gain) on fair value changes on investments in mutual funds (0.18) (0.54) (2.91) (7.03) Changes in working capital:Adjustments for (increase)/ decrease in operating assets:Trade receivables 4.33 7.00 Other financial assets (0.01) 0.42 Other non-financial assets (1.57) (0.71) Adjustments for increase / (decrease) in operating liabilities:Trade payables (0.48) (1.20) Provisions 0.19 (0.20) Other non-financial liabilities (0.28) (0.36) Cash generated from operations (0.73) (2.08) Net income tax (paid) / refunds (0.61) (0.58) Net cash flow from / (used in) operating activities (A) (1.34) (2.66) B. Cash flow from investing activities(0.02) (0.07) Proceeds from sale of property, plant and equipment - 0.14 - FD Placed (1.83) (23.85) - FD Matured - 35.55 Investments in mutual funds- Purchased (9.65) (23.60) - Proceeds from sale 10.92 13.21 Interest income 2.04 1.66 Net cash flow from / (used in) investing activities (B) 1.46 3.04 C. Cash flow from financing activitiesPayment of principal portion of lease liabilities (0.16) (0.46) Interest paid on lease liabilities (0.01) (0.02) Net cash (used in) financing activities (C) (0.17) (0.48) Net (decrease)/increase in cash and cash equivalents (A+B+C) (0.05) (0.10) Cash and cash equivalents as at the beginning of the year 0.30 0.26 Cash and cash equivalents as at the end of the period *0.25 0.16 * Comprises:a. Cash on hand - - b. Balance with scheduled banks - in current accounts 0.25 0.16 0.25 0.16 6 months ended 30.09.2025 Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.com Capital expenditure on property, plant and equipment including capital advances Bank balances not considered as cash and cash equivalents with maturitymorethan 3 monthsOperating profit before working capital changesParticulars 6 months ended 30.09.2026
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Notes to the standalone financial results:1234 56 The Board of Directors of the Company in its meeting held on August 9, 2023, took note ofproposal to raise further capital by way ofapreferential issue of equity shares to Axis Bank, for an aggregate investment of up to Rs. 1,612 crores in AMLI, at fair market valuedeterminedbasis DCF methodologyThis revision from secondary sale of transfer of shares to primary issuance of equity share capitalofAMLI to Axis Bank has been done consequent to the funding requirements of AMLI.In this regard, the shareholders of the Company approved the transaction on September 27, 2023, AMLI received approval from IRDAI videitsletter dated February 6, 2024 for the Capital infusion and Axis Bank received approval from Competition Commission of India (CCI) vide itsletterdated April 2, 2024 for the Capital infusion. Pursuant to receipt of all regulatory approvals, Axis Bank had subscribed to 6.02% of the equitysharecapital of AMLI on April 17, 2024. On completion of the Capital Infusion, Axis Entities collectively hold 19.02% of the equity share capital ofAMLIDuring the year ended March 31, 2025, the Company, certain former & present directors and key managerial personnel and its Subsidiary(AMLI),have received a Show Cause Noticefrom Securities Exchange Board of India (SEBI) alleging non-compliances of certain provisionsofSEBI Act, Securities Contract Regulation Act, the erstwhile Listing Agreement, the Listing Regulations and other applicable SEBIregulationsduring the financial year ended March 31, 2011 and March 31, 2022 with respect to transactions pertaining to the shares of AMLI. TheCompany(represented by its lawyers) has responded to the SCN before SEBI.On April 2, 2026, the Board of Directors of AMLI approved and recommended the issuance of 2,50,56,200 equity shares to Axis Bank onapreferential basis at an issue price ofper share, being the fair market value determined under the discounted cash flow (DCF)method,for an aggregate investment of up tocrore. The proposed issuance was intended to strengthen AMLI's equity capital base and supportitsfunding requirements. Subsequently, the shareholders of AMLI approved the transaction through a postal ballot on May 10, 2026. Pursuanttothese approvals, AMLI allotted 2,50,56,200 fully paid-up equity shares of face valueeach to Axis Bank on June 1, 2026, at an issue priceofper share, including a share premium ofper share. The allotment resulted in an aggregate investment ofcrore byAxisBank and increased its shareholding in AMLI by 0.98% of AMLI's paid-up equity share capital. On completion of the proposed issuance,AxisEntities collectively hold 19.99% of the equity share capital of AMLI and theshareholding in AMLI stood reduced to 80.01% oftheequity share capital of AMLI. Max Financial Services LimitedCIN: L24223HR1988PLC145368Registered Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015Website: www.maxfinancialservices.comThese standalone unaudited financial results for the quarter and six months ended September 30, 2026 have been reviewed by theAuditCommittee and approved by the Board of Directors at their respective meetings held on October 27, 2026. These results have been reviewedbythe statutory auditors of the Company.The standalone unaudited financial results of the Company have been prepared in accordance with the recognition and measurementprincipleslaid down in Ind AS 34 "Interim Financial Reporting" prescribed under section 133 of the Companies Act, 2013 read with relevant rulesissuedthereunder and other accounting principles generally accepted in India.The Company is an Unregistered Core Investment Company (Unregistered CIC), and is primarily engaged in the business of growingandnurturing business investments and providing management advisory services to its material subsidiary in India. The Company viewstheseactivities as one business segment, therefore there are no separate reportable segments as per Indian Accounting Standard-108 (Ind AS-108)onOperating Segment.The Board of Directors of the Company in its meeting held on April 27, 2020 approved entering into definitive agreements with Axis Bank forthesale of equity share capital of Axis Max Life Insurance Limiteda subsidiary of the Company, to Axis Bank Limitedsubjectto receipt ofapproval and other requisite regulatory approvals. The shareholders of the Company approved the transaction onJune16, 2020.On October 30, 2020, the Company, AMLI, Axis Bank and its subsidiaries (together "Axisi.e. Axis Capital Limited and AxisSecuritiesLimitedBankentered into agreements for acquisition of upto 19.002% of the equity share capital of AMLIPursuant to receipt of all approvals, Axis Bank and Axis Bank subsidiaries had acquired in tranches upto March 31, 2022, 9.002% and 3% oftheequity share capital of AMLI, respectively, based on price determined as per Rule 11UA valuation of the Income-tax Rules, 1962.On January 9, 2023, the Company executed revised agreements with the parties wherein Axis Entities have the right to purchase theremaining7% equity share capital of AMLI from the Company at Fair Market Value using Discounted Cash Flows instead of valuation as per Rule 11UA oftheIncome Tax Rules, 1962 consequent to the guidance received by AMLI from IRDAI. The Board of Directors of the Company had accorded its in-principle approval for amalgamation of the Company with AMLIon January 28, 2026, subject to inter alia (a) approval of the Axis Entities in terms of the articles of association of AMLIandagreement, (b) coming into effect of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (which hassincecome into effect), (c) approvals, as may be required from the appropriate authorities under applicable laws, including a prior approval oftheIRDAI, and (d) execution of the transaction documents as may be agreed amongst the relevant parties. Subsequently, the Company had madeadisclosure to the stock exchanges regarding the same on January 28, 2026. Further, the Axis Entities have provided their in-principle noobjectionto the Proposed Amalgamationsubject to inter alia continuation of the terms and conditions in the Transaction Documents,theCompany providing an undertaking to the Axis Entities confirming the terms, and AMLI seeking written consent of the Axis Entities fortheProposed Amalgamation, upon fulfilment of the terms and conditions set out in the Undertaking for the Proposed Amalgamationincludingfinalization of the scheme of amalgamation.Subsequently, SEBI has issued its final order dated August 24, 2026, in relation to the aforesaid investigation. Pursuant to the said order,theproceedings initiated against the Company has been disposed off without issuing any directions or imposing any penalty.Based on the aforesaid Final Order and management's assessment, no adjustment is required in the standalone financial results for thequarterand six months ended September 30, 2026.
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7 By Order of the BoardAnaljit SinghDate : October 27, 2026 ChairmanPlace : Cape Town, South Africa DIN : 00029641The above transaction is subject to receipt of requisite shareholders approvals, regulatory approvals and hence, no adjustments were requiredtobe made in the standalone financial results.The figures for the previous period/year have been regrouped / reclassified wherever necessary, to make them comparable.Further as per Future Arrangements, Axis Entities will have the right to subscribe to equity shares of the Company in lieu of all or part oftheequity shares held by Axis Bank in AMLIand the Company will undertake all actions to effect the Swap Transaction.Anyincome tax payable pursuant to the Swap Transaction shall be split equally between the Company and Axis Bank. If the ProposedAmalgamationis not completed within agreed timelines, and Axis Bank has exercised its right for the Swap Transaction, but the Company fails toconsummatethe Swap Transaction, then Axis Bank shall have the right to issue IPO notice to the Company requiring the Company to achieve a listing ofAMLIby way of an IPO. If the listing not achieved or the Company fails to consummate the Swap Transaction, then Axis Entities have the righttorequire the Company to purchase all the shares held by Axis Entities in AMLI at Fair market value (determined using the discounted cash flowmethod), subject to the terms of the definitive agreements. The Exit sale option right shall be subject to receipt of requisite regulatoryapprovals.In the event the Company is unable to purchase the shares of Axis Entities, the Axis Entities shall be entitled to evaluate and pursue otherFutureArrangements such as Forced Sale/ Third Party Sale/ Forced IPO.Subsequently, the Company made a disclosure to the Stock exchange in respect of Proposed Amalgamation that, subject to requisiteapprovalsfrom the regulatory authorities including the Insurance Regulatory and Development Authority of Indiaresulting in: (i) the listingofAMLI; and (ii) the shareholders of the Company directly holding shares in AMLI. The Proposed Amalgamation is subject to compliance withtherelevant laws permitting the Proposed Amalgamation and execution of the transaction documents as may be agreed between the relevant parties.Further, all other value creation options provided to the Axis Entities (as were notified by the Company vide its previous disclosures madeon15th May, 2020 enclosing therewith the Postal Ballot Notice), with suitable modifications to take into account changes in applicable lawsandarrangements, shall continue. In furtherance of the same, the Company has executed an Undertaking in favour of the Axis Entitiespursuantterms signed in earlier agreements. The Parties have currently opted for the Proposed Amalgamation as the first option amongst theFutureArrangements as detailed out in stock exchange disclosure made by the Company on March 6, 2026, and in the event theProposedAmalgamation is not consummated as per the agreed timelines for any reason whatsoever, the Axis Entities shall be entitled to evaluateandpursue such other Future Arrangements.